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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (4162)	5/26/1998 7:19:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78534

Mike, when I made the decision to put 10% of my portfolio in an Asian closed end (with an automatic double if it goes down 20%) I also made a deal with myself to ignore emotion as well as analysis for at least three years. No screaming at daily price moves. No second guessing. Just sleep well, and hope that contrarian/value investing actually works. The way I see it, I am making a bet on that, not on Asia. Relax. I actually hope it drops more so I can increase my position at lower prices. Just keep telling yourself that entire markets do not go to zero. Read The Bear Book again. Markets down 60% do get cut in half again, but eventually they come back. Maybe not enough to make the guys who bought at the peak happy, or probably not even enough to satisfy the idiot, sorry - investor, who "bought the 10% dip". This is not Abby Joseph Cohen investing. If she were Indonesian, Korean or Japanese they would have hung her by now. (When she goes to jail with the Dow at 4000, that is my buy signal for the U.S. market rebound. :) ) Once you understand the game you are in, you realize that to succeed you need to put your brain on autopilot and just concentrate on whether you have the stomach to weather it out.